Market Newsdesk

July 29, 2021 4:03 am

Global InsurTech funding balloons to $4.8 billion in Q2, up 89% from Q1 to push H1, 2021 ahead of full-year 2020

LONDON, July 29, 2021 (GLOBE NEWSWIRE) — Global investment in the InsurTech sector reached an emphatic record during H1, 2021, as half-year funding of US$7.4 billion exceeded full-year investment in 2020, and in every other year, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a leading global advisory, broking and solutions company (NASDAQ: WLTW).

The latest quarter saw 162 deals yield more than $4,824 million in investment, a 210% increase over Q2, 2020. The enormous quarterly total, itself more than any annual total before 2019, was driven largely by 15 mega-rounds of $100 million or more. Collectively, these deals reached $3.3 billion, or two-thirds of total funding during the quarter. The money was raised predominantly by later-stage players seeking expansion.

Meanwhile Series B and C fundraisings drove the large number of deals in the second quarter, but the number of early-stage deals also increased. They were up by more than 9% from the previous quarter, and 200% from pandemic-stricken Q2, 2020. As a percentage of overall deals, early stage activity held roughly steady, at 57%.

InsurTechs focused on distribution accounted for 55% of start-up deals, and for 10 of the 15 mega-rounds. Most of the distribution InsurTechs target reduced dependence on agent channels. Of all Q2 deals, 73% were for P&C-related InsurTechs, while 43 companies raised funds for L&H technology. Funds were raised by companies from 35 countries, including new entrants Botswana, Mali, Romania, Saudi Arabia, and Turkey.

Dr. Andrew Johnston, global head of InsurTech at Willis Re, said: “As technology changes our lives, society will demand an insurance community that reflects and supports our changing, digitally empowered behaviors. Consumers and businesses increasingly expect insurance to be delivered when and how they want it, and risk carriers that fail to respond will fall away over time. To embrace technology is a minimum survival condition. Those that use it to redefine service in the insurance world will thrive. That means a positive future for InsurTechs that bring a truly differentiated business approach to our industry. Some of them will create untold long-term opportunities for themselves and the insurance sector.”

The latest Briefing, which focuses on InsurTechs targeting insurance distribution, opens with a detailed exploration of the way technology is impacting the future of delivery channels. The Briefing includes case studies of the InsurTechs bolttech, which connects insurers, distribution partners, and customers over an exchange platform; Semsee, a platform for quoting small commercial business; Breathe Life, a digital distribution platform for life insurance carriers; Uncharted and Bindable, two consumer-facing insurance aggregation platforms; Penni.io, which embeds carriers’ products into distribution partners’ digital customer journeys; and Talage, a commercial quoting engine built for white-labelling.

The Q2, 2021 Briefing includes a discussion with Adrian Jones, Managing Director of InsurTech investor Hudson Structured Capital Management, and another with Chief Digital Officer Sean Ringsted, who leads global insurer Chubb’s digital integration effort. ‘Transaction Spotlight’ takes a deep-dive into three recent Series D mega-round fundraisings by the InsurTechs Ethos ($200m), Bought by Many ($350m), and Shift Technology ($220m), while ‘Technology Spotlight’ explores Willis Towers Watson’s Radar Workbench, an analytical platform that helps commercial underwriters make and implement confident decisions at pace.

Finally, the issue carries an article by Clyde Bernstein, Head of GB Broking and Global Leader of Data and Technology Broking Strategy at Willis Towers Watson. Bernstein said: “Lift the hood on the insurance industry and you will see the engine in danger of over-heating. The diagnosis from those tasked with keeping the industry on the right trajectory is that a different motor is needed. Fortunate passengers will enjoy the ride as new distribution and technologies deliver a better and more responsive client experience.”

View the full report here.

About Willis Re

One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willistowerswatson.com/Solutions/reinsurance.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact

Haggie Partners: +44 20 7562 4444 | [email protected]

July 29, 2021 4:03 am

Janus Henderson Group plc Reports Second Quarter 2021 Diluted EPS of US$0.79, or US$1.16 on an Adjusted Basis

Janus Henderson Group plc Reports Second Quarter 2021 Diluted EPS of US$0.79, or US$1.16 on an Adjusted Basis

Solid long-term investment performance, with 66% and 63% of assets under management (‘AUM’) outperforming relevant benchmarks on a three- and five-year basis, respectively, as at 30 June 2021
Second quarter 2021 operating income was US$225.0 million; second quarter 2021 adjusted operating income of US$269.3 million increased 95% compared to the same period a year ago
AUM of US$427.6 billion increased 6% compared to the prior quarter, reflecting positive markets partially offset by net outflows of US$(2.5) billion
Board declared quarterly dividend of US$0.38 per share and approved authorisation of US$200 million of buybacks through April 2022

LONDON–(BUSINESS WIRE)–
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its second quarter 2021 results for the period ended 30 June 2021.

Second quarter 2021 operating income was US$225.0 million compared to US$192.5 million in the first quarter 2021 and US$106.7 million in the second quarter 2020. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$269.3 million in the second quarter 2021 compared to US$201.5 million in the first quarter 2021 and US$138.4 million in the second quarter 2020.

Second quarter 2021 diluted earnings per share of US$0.79 decreased 10% compared to US$0.88 in the first quarter 2021 and increased 44% compared to US$0.55 in the second quarter 2020. Adjusted diluted earnings per share of US$1.16 in the second quarter 2021 increased 27% compared to US$0.91 in the first quarter 2021 and increased 73% versus US$0.67 in the second quarter 2020.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:

“Second quarter financial results were extremely strong, reflecting growth in assets due to positive markets and good investment performance which translated into significant performance fees, adjusted operating income and EPS. Our strong balance sheet, cash flow generation and financial discipline allow us to increase the return of excess cash to shareholders with the US$200 million accretive buyback announced today.

“While we continue to make progress towards sustained organic growth, we are winning high-quality new business which is driving our net management fee rate higher during a period of fee compression in the industry. I am confident that our strategy of Simple Excellence has us on the right path to a stronger, more profitable and resilient company positioned well for long-term growth and value creation.”

RESULTS FOR ANNOUNCEMENT TO THE MARKET

These results for announcement to the market include the interim information required to be provided to the Australian Securities Exchange (ASX) under Listing Rule 4.2A and Appendix 4D.

SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)

The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (‘US GAAP’ or ‘GAAP’). However, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See ‘Reconciliation of non-GAAP financial information’ below for additional information.


	Six months ended
	30 Jun		30 Jun
	2021		2020		% change
GAAP basis:
Revenue	1,382.4		1,072.9		29	%
Operating expenses	964.9		1,298.6		(26)	%
Operating income (loss)	417.5		(225.7)		nm
Operating margin	30.2	%	(21.0)	%	nm
Net income (loss) attributable to JHG	292.8		(144.1)		nm
Diluted earnings (loss) per share	1.67		(0.79)		nm

Adjusted basis:
Revenue	1,120.2		856.0		31	%
Operating expenses	649.4		553.1		17	%
Operating income	470.8		302.9		55	%
Operating margin	42.0	%	35.4	%	6.6	ppt
Net income attributable to JHG	362.0		239.3		51	%
Diluted earnings per share	2.07		1.28		61	%


	Three months ended
	30 Jun		31 Mar		30 Jun
	2021		2021		2020
GAAP basis:
Revenue	738.4		644.0		518.0
Operating expenses	513.4		451.5		411.3
Operating income	225.0		192.5		106.7
Operating margin	30.5	%	29.9	%	20.6	%
Net income attributable to JHG	137.3		155.5		102.9
Diluted earnings per share	0.79		0.88		0.55

Adjusted basis:
Revenue	603.6		516.6		413.3
Operating expenses	334.3		315.1		274.9
Operating income	269.3		201.5		138.4
Operating margin	44.6	%	39.0	%	33.5	%
Net income attributable to JHG	200.5		161.5		126.6
Diluted earnings per share	1.16		0.91		0.67

DIVIDEND AND SHARE BUYBACK

On 28 July 2021, the Board declared a second quarter dividend in respect of the three months ended 30 June 2021 of US$0.38 per share. Shareholders on the register on the record date of 9 August 2021 will be paid the dividend on 25 August 2021. Janus Henderson does not offer a dividend reinvestment plan.

Additionally, on 28 July 2021, and subject to formally appointing a corporate broker, the Board authorised JHG commencing a new on-market buyback programme in 2021, on a date to be determined and announced by JHG. The Group intends to spend up to US$200 million to buy its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX through April 2022. Further information regarding the proposed on-market buyback programme will be announced immediately prior to its finalisation and formal launch.

Net tangible assets per share


US$	30 Jun 2021	30 Jun 2020
Net tangible assets / (liabilities) per ordinary share	3.56	2.61

Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

Total Group comparative AUM and flows


	Three months ended
	30 Jun		31 Mar		30 Jun
	2021		2021		2020
Opening AUM	405.1		401.6		294.4
Sales	18.4		20.7		17.9
Redemptions	(20.9	)	(24.0	)	(26.1	)
Net sales / (redemptions)	(2.5	)	(3.3	)	(8.2	)
Market / FX	25.0		6.8		50.5
Closing AUM	427.6		405.1		336.7

Quarterly AUM and flows by capability


			Fixed				Quantitative
	Equities		Income		Multi-Asset		Equities		Alternatives		Total
AUM 30 Jun 2020	179.1		70.2		40.3		37.5		9.6		336.7
Sales	5.8		5.9		2.3		1.3		0.5		15.8
Redemptions	(10.9	)	(4.1	)	(1.7	)	(1.4	)	(0.6	)	(18.7	)
Net sales / (redemptions)	(5.1	)	1.8		0.6		(0.1	)	(0.1	)	(2.9	)
Market / FX	14.9		3.1		2.7		3.3		0.5		24.5
AUM 30 Sep 2020	188.9		75.1		43.6		40.7		10.0		358.3
Sales	10.3		8.7		3.1		0.3		0.8		23.2
Redemptions	(10.4	)	(7.5	)	(1.9	)	(3.7	)	(0.8	)	(24.3	)
Net sales / (redemptions)	(0.1	)	1.2		1.2		(3.4	)	—		(1.1	)
Market / FX	30.6		5.2		3.2		4.7		0.7		44.4
AUM 31 Dec 2020	219.4		81.5		48.0		42.0		10.7		401.6
Sales	10.5		5.9		3.0		0.2		1.1		20.7
Redemptions	(12.0	)	(5.5	)	(2.2	)	(2.3	)	(2.0	)	(24.0	)
Net sales / (redemptions)	(1.5	)	0.4		0.8		(2.1	)	(0.9	)	(3.3	)
Market / FX	7.0		(2.4	)	0.7		1.4		0.1		6.8
AUM 31 Mar 2021	224.9		79.5		49.5		41.3		9.9		405.1
Sales	8.6		5.9		2.4		0.2		1.3		18.4
Redemptions	(10.5	)	(6.0	)	(1.9	)	(1.5	)	(1.0	)	(20.9	)
Net sales / (redemptions)	(1.9	)	(0.1	)	0.5		(1.3	)	0.3		(2.5	)
Market / FX	17.1		1.1		3.2		3.4		0.2		25.0
AUM 30 Jun 2021	240.1		80.5		53.2		43.4		10.4		427.6

Average AUM


	Three months ended
	30 Jun	31 Mar	30 Jun
	2021	2021	2020
Equities	235.3	223.6	168.7
Fixed Income	80.7	80.9	68.7
Multi-Asset	51.8	48.7	38.3
Quantitative Equities	42.9	41.5	38.0
Alternatives	10.1	10.6	9.3
Total	420.8	405.3	323.0

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 June 2021)


Capability	1-year		3-year		5-year
Equities	56	%	56	%	55	%
Fixed Income	98	%	96	%	97	%
Multi-Asset	98	%	97	%	97	%
Quantitative Equities	23	%	23	%	2	%
Alternatives	98	%	97	%	100	%
Total	66	%	66	%	63	%

Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 5% of AUM as at 30 June 2021. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 June 2021)


Capability	1-year		3-year		5-year
Equities	32	%	59	%	44	%
Fixed Income	57	%	80	%	75	%
Multi-Asset	19	%	92	%	91	%
Quantitative Equities	41	%	47	%	7	%
Alternatives	27	%	76	%	27	%
Total	33	%	67	%	55	%

Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 75% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10-year period ending 30 June 2021. For the 1-, 3-, 5- and 10-year periods ending 30 June 2021, 42%, 56%, 51% and 60% of the 196, 185, 182 and 148 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

THIRD QUARTER 2021 RESULTS

Janus Henderson intends to publish its third quarter 2021 results on 28 October 2021.

SECOND QUARTER 2021 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 29 July 2021 on a conference call and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.

Those wishing to participate should call:


United Kingdom		0800 279 9489 (toll free)
United States		866 270 1533 (toll free)
Australia		1 800 121 301 (toll free)
All other countries		+1 412 317 0797 (this is not toll free)
Conference ID		10157508

Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

At 30 June 2021, Janus Henderson had approximately US$428 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)


	Three months ended
	30 Jun		31 Mar		30 Jun
(in US$ millions, except per share data or as noted)	2021		2021		2020
Revenue:
Management fees	544.1		514.9		407.7
Performance fees	77.4		17.0		17.2
Shareowner servicing fees	64.0		60.8		47.3
Other revenue	52.9		51.3		45.8
Total revenue	738.4		644.0		518.0

Operating expenses:
Employee compensation and benefits	192.4		174.6		145.8
Long-term incentive plans	49.8		53.5		49.1
Distribution expenses	134.8		127.4		104.7
Investment administration	13.1		12.6		12.6
Marketing	6.7		6.2		3.7
General, administrative and occupancy	65.7		63.0		58.0
Impairment of goodwill and intangible assets	40.8		3.6		26.4
Depreciation and amortisation	10.1		10.6		11.0
Total operating expenses	513.4		451.5		411.3

Operating income	225.0		192.5		106.7

Interest expense	(3.2	)	(3.2	)	(3.2	)
Investment gains, net	1.8		1.6		50.3
Other non-operating income (expense), net	(2.7	)	(0.1	)	8.6
Income before taxes	220.9		190.8		162.4
Income tax provision	(79.7	)	(43.1	)	(30.1	)
Net income	141.2		147.7		132.3
Net loss (income) attributable to noncontrolling interests	(3.9	)	7.8		(29.4	)
Net income attributable to JHG	137.3		155.5		102.9
Less: allocation of earnings to participating stock-based awards	(3.9	)	(4.8	)	(3.0	)
Net income attributable to JHG common shareholders	133.4		150.7		99.9

Basic weighted-average shares outstanding (in millions)	167.6		171.0		181.8
Diluted weighted-average shares outstanding (in millions)	168.1		171.8		182.1

Diluted earnings per share (in US$)	0.79		0.88		0.55

Reconciliation of non-GAAP financial information

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of US GAAP revenue, operating expenses, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.


	Three months ended
	30 Jun			31 Mar			30 Jun
(in US$ millions, except per share data or as noted)	2021			2021			2020
Reconciliation of revenue to adjusted revenue
Revenue	738.4			644.0			518.0
Management fees¹	(49.6	)		(46.8	)		(40.2	)
Shareowner servicing fees¹	(53.1	)		(50.0	)		(39.0	)
Other revenue¹	(32.1	)		(30.6	)		(25.5	)
Adjusted revenue	603.6			516.6			413.3

Reconciliation of operating expenses to adjusted operating expenses
Operating expenses	513.4			451.5			411.3
Employee compensation and benefits²	—			—			(0.5	)
Long-term incentive plans²	0.1			0.1			0.2
Distribution expenses¹	(134.8	)		(127.4	)		(104.7	)
General, administration and occupancy²	(1.7	)		(3.6	)		(2.8	)
Impairment of goodwill and intangible assets³	(40.8	)		(3.6	)		(26.4	)
Depreciation and amortisation³	(1.9	)		(1.9	)		(2.2	)
Adjusted operating expenses	334.3			315.1			274.9

Adjusted operating income	269.3			201.5			138.4

Operating margin	30.5		%	29.9		%	20.6		%
Adjusted operating margin	44.6		%	39.0		%	33.5		%

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG
Net income attributable to JHG	137.3			155.5			102.9
Employee compensation and benefits²	—			—			0.5
Long-term incentive plans²	(0.1	)		(0.1	)		(0.2	)
General, administration and occupancy²	1.7			3.6			2.8
Impairment of goodwill and intangible assets³	40.8			3.6			26.4
Depreciation and amortisation³	1.9			1.9			2.2
Investment gains, net⁴	—			0.2			—
Other non-operating income (expense), net⁴	(1.7	)		(1.8	)		(0.6	)
Income tax benefit (provision)⁵	20.6			(1.4	)		(7.4	)
Adjusted net income attributable to JHG	200.5			161.5			126.6
Less: allocation of earnings to participating stock-based awards	(5.7	)		(5.0	)		(3.7	)
Adjusted net income attributable to JHG common shareholders	194.8			156.5			122.9

Weighted-average diluted common shares outstanding – diluted (two class) (in millions)	168.1			171.8			182.1
Diluted earnings per share (two class) (in US$)	0.79			0.88			0.55
Adjusted diluted earnings per share (two class) (in US$)	1.16			0.91			0.67

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue.
Adjustments primarily represent rent expense for subleased office space as well as administrative costs related to Dai-ichi Life’s secondary offering. JHG management believes these costs are not representative of the ongoing operations of the Group.
Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements, client relationships and trademarks. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group.
Adjustments primarily relate to contingent consideration adjustments associated with prior acquisitions. JHG management believes these costs are not representative of the ongoing operations of the Group.
The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible. Adjustments for the three months ended 30 June 2021 include a non-cash deferred tax expense of US$31.0 million due to the enactment of Finance Act 2021 during the second quarter 2021.

Condensed consolidated balance sheets (unaudited)


	30 Jun	31 Dec
(in US$ millions)	2021	2020
Assets:
Cash and cash equivalents	966.9	1,099.7
Investment securities	270.2	268.1
Property, equipment and software, net	66.4	77.9
Intangible assets and goodwill, net	4,027.2	4,070.2
Assets of consolidated variable interest entities	228.9	226.5
Other assets	1,070.9	948.4
Total assets	6,630.5	6,690.8

Liabilities, redeemable noncontrolling interests and equity:
Long-term debt	311.9	313.3
Deferred tax liabilities, net	648.2	627.4
Liabilities of consolidated variable interest entities	4.2	3.2
Other liabilities	899.7	927.3
Redeemable noncontrolling interests	124.9	85.8
Total equity	4,641.6	4,733.8
Total liabilities, redeemable noncontrolling interests and equity	6,630.5	6,690.8

Condensed consolidated statements of cash flows (unaudited)


	Three months ended
	30 Jun		31 Mar		30 Jun
(in US$ millions)	2021		2021		2020
Cash provided by (used for):
Operating activities	269.0		25.8		204.6
Investing activities	(66.3	)	23.4		(166.8	)
Financing activities	(62.0	)	(322.5	)	37.4
Effect of exchange rate changes	—		1.8		3.0
Net change during period	140.7		(271.5	)	78.2

STATUTORY DISCLOSURES

Associates and joint ventures

At 30 June 2021, the Group holds interests in the following associates and joint ventures managed through shareholder agreements with third party investors, accounted for under the equity method:

LongTail Alpha LLC ownership 20%

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations and cash flows of JHG in accordance with US GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson Group’s Annual Report on Form 10‑K for the year ended 31 December 2020, on file with the SEC (Commission file no. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

This document includes statements concerning potential future events involving Janus Henderson Group plc that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus Henderson Group’s Annual Report on Form 10‑K for the fiscal year ended 31 December 2020 and in other filings or furnishings made by the Company with the Securities and Exchange Commission from time to time (Commission file no. 001‑38103), including those that appear under headings such as ‘Risk Factors’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’. Many of these factors are beyond the control of JHG and its management. Any forward-looking statements contained in this document are as at the date on which such statements were made. Janus Henderson Group undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Mutual funds in the US are distributed by Janus Henderson Distributors.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005313/en/

Investor enquiries:

Jim Kurtz
Co-Head Investor Relations (US)

+1 303 336 4529

[email protected]

Melanie Horton

Co-Head Investor Relations (Non-US)

+44 (0)20 7818 2905

[email protected]

Or

Investor Relations

[email protected]

Media enquiries:

Stephen Sobey

Head of Media Relations

+44 (0)20 7818 2523

[email protected]

Sarah Johnson

Director, Media Relations & Corporate Comms

+1 720 364 0708

[email protected]

United Kingdom: Edelman Smithfield

Latika Shah

+44 (0)7950 671 948

[email protected]

Andrew Wilde

+44 (0)7786 022 022

[email protected]

Asia Pacific: Honner

Craig Morris

+61 2 8248 3757

[email protected]

KEYWORDS: Australia/Oceania Europe Australia United Kingdom

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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Posted on July 29, 2021 3:33 am
SIGA Announces Collaboration with Oxford University to Support Expanded Access Protocol for Use of TPOXX® (Tecovirimat) To Treat Monkeypox in Central African Republic

NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) — SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today announced that it has entered into a collaboration with Oxford University in the United Kingdom (UK) to provide TPOXX® (tecovirimat) under an expanded access protocol to treat individuals affected by monkeypox in the Central African Republic (CAR). Under the agreement, Oxford University will sponsor the protocol and study in CAR, and SIGA will provide up to 500 courses of TPOXX (tecovirimat) at no cost.

The Institut Pasteur of Bangui (“IPB”), a research foundation established in CAR in 1961, will act as coordinator and be responsible for oversight and conduct of the study in CAR including managing the investigational sites, hosting the clinical trial database and performing the biological testing. The Ministry of Health and Population of CAR (“Ministry”) will be responsible for the administration of TPOXX (tecovirimat) to patients with monkeypox infection at the selected investigational sites.

“Since the cessation of routine smallpox immunization in Central Africa, the region appears to be experiencing more outbreaks of monkeypox, a significant disease with mortality rates that can be up to 5 – 10% and that often disproportionately impacts children in rural areas,” said Dennis Hruby, Chief Scientific Officer of SIGA Technologies. “SIGA is proud to provide TPOXX (tecovirimat) as a treatment for this public health challenge under an expanded access protocol, as we believe it may be an important approach to addressing the growing challenge of monkeypox in Central Africa.”

In addition to providing TPOXX to this study, SIGA is seeking inclusion of treatment of monkeypox in the label indication as it works with the European Medicines Agency (EMA) to obtain regulatory approval for oral tecovirimat (marketed as TPOXX in the United States where that brand name has been approved). The company anticipates EMA approval of tecovirimat in late 2021 or early 2022 and has requested a label indication that includes treatment of smallpox, monkeypox, cowpox, and complications due to vaccinia vaccination.

“The Ministry of Health and Population, which oversees the study and management of monkeypox cases in the Central African Republic, is pleased to be participating in this important study,” said Emmanuel Rivalyn Nakouné Yandoko, Scientific Director of the Institut Pasteur de Bangui, which plays a key role as a consultative institution for the Ministry of Health in CAR and is collaborating with the Ministry on this study.

Piero Olliaro, Professor of Infectious Diseases of Poverty and Director of Science at the International Severe Acute Respiratory and emerging Infection Consortium (ISARIC) – whose Global Support Centre is hosted by the University of Oxford – said “Monkeypox is a vastly neglected disease that attracts little attention and inadequate research investments. We are grateful that SIGA is making tecovirimat, which is approved in the United States for the treatment of smallpox, available under expanded access conditions to the Ministry of Health of CAR and are pleased that the company is working to extend the indications of tecovirimat to include monkeypox and other orthopoxviruses.”

ISARIC is working with collaboratively with Institut Pasteur Bangui and the Ministry of Health to train health personnel and optimizing delivery and monitoring of tecovirimat treatment. Although not a formal clinical trial, the expanded access program will be conducted following good clinical practices, providing important insights into the effects of tecovirimat when delivered in real-life conditions.”

Monkeypox is a contagious disease caused by infection with monkeypox virus, a virus closely related to variola virus, which causes smallpox. Monkeypox is characterized by severe flu-like symptoms and a rash of pus-filled pocks that may cover the whole body. The rash may not occur until approximately two weeks after exposure to the virus, making it difficult to diagnose initially, and, if not fatal, the disease may last nearly a month.. Almost all infections result from exposure to infected animals, although person-to-person transmission is possible. Most cases occur in Central and West African countries, but infections have been documented outside of Africa, including cases in the United States just this month (July 2021) and previously (2003), UK (2018, 2019), and Israel (2018). In comparison to West African strains, infections with Central African strains are typically more severe and more likely to be fatal (1 – 10%). The incidence of disease is likely to continue to increase, both within Africa and elsewhere, as protective immunity in the population decreases. This decreased immunity is due in part to cessation of vaccination for smallpox, which provided cross-reactive immunity to monkeypox, following the eradication of smallpox in 1980.

On July 2018, the U.S. Food and Drug Administration (FDA) approved the oral formulation of TPOXX (tecovirimat) for the treatment of smallpox to mitigate the impact of a potential outbreak or bioterror attack. TPOXX (tecovirimat), a small molecule, is the first therapy specifically approved for this indication, and was developed through funding and collaboration with Biomedical Advanced Research and Development Authority at the U.S. Department of Health and Human Services, as well as early stage development supported by the National Institutes of Health, U.S. Centers for Disease Control and Prevention, and the Department of Defense. In 2020, SIGA submitted an application for marketing authorization to the European Medicines Agency (EMA) that includes a broader label indication including the treatment of orthopox indications, including monkeypox, cowpox, and vaccinia complications in addition to smallpox. Approval is expected in late 2021 or early 2022.

ABOUT SIGA TECHNOLOGIES, INC. and TPOXX
^®

SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX^® (tecovirimat) also known as ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX is a novel small-molecule drug and the US maintains a stockpile of 1.7 million courses in the Strategic National Stockpile under Project BioShield. The oral formulation of TPOXX was approved by the FDA for the treatment of smallpox in adults and children weighing more than 13 kg on July 13, 2018. In September 2018, SIGA signed a new contract with Biomedical Advanced Research and Development Authority (BARDA) for additional procurement and development related to both oral and intravenous formulations of TPOXX (tecovirimat). For more information about SIGA, please visit www.siga.com.

ABOUT OXFORD UNIVERSITY AND ISARIC

ISARIC is a global federation of clinical research networks, providing a proficient, coordinated, and agile research response to outbreak-prone infectious diseases. ISARIC’s purpose is to prevent illness and deaths from infectious diseases outbreaks. For more information about ISARIC, please visit www.isaric.org.

FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in SIGA’s filings with the Securities and Exchange Commission, including SIGA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC’s web site at http://www.sec.gov. Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements are current only as of the date on which such statements were made, and except for our ongoing obligations under the United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.

The information contained in this press release does not necessarily reflect the position or the policy of the Government and no official endorsement should be inferred.

Contacts:

Media Contacts:

U.S. Media
Erich Sandoval
[email protected]
917-497-2867

UK Media
Julian Tyndale-Biscoe
[email protected]

Investor Contacts

Laine Yonker, Edison Group

[email protected]

Michael Crawford, Edison Group

[email protected]

Posted on July 29, 2021 3:28 am
Partner Communications to Release Second Quarter 2021 Results on August 18, 2021

PR Newswire

ROSH HA’AYIN, Israel, July 29, 2021 /PRNewswire/ — Partner Communications Company Ltd. (“Partner” or “the Company”) (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications operator, announced today that the Company’s financial results for the quarter ended June 30, 2021 will be released on Wednesday, August 18, 2021.

The Company will host a conference call to discuss its financial results on Wednesday, August 18, 2021 at 10.00 a.m. Eastern Time / 5.00 p.m. Israel Time.

Please dial the following numbers (at least 10 minutes before the scheduled time) in order to participate:

International: +972.3.918.0687
North America toll-free: +1.866.860.9642

A live webcast of the call will also be available on Partner’s Investors Relations website at: http://www.partner.co.il/en/Investors-Relations/lobby

If you are unavailable to join live, the replay of the call will be available fromAugust 18, 2021 until September 1, 2021, at the following numbers:

International: +972.3.925.5921
North America toll-free: +1.888.254.7270

In addition, the archived webcast of the call will be available on Partner’s Investor Relations website at the above address for approximately three months.

About Partner Communications

Partner Communications Company Ltd. is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet and television services). Partner’s ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ: PTNR) (TASE: PTNR).

For more information about Partner see: http://www.partner.co.il/en/Investors-Relations/lobby

Contact:

Tamir Amar

Deputy CEO & Chief Financial Officer

Tel: +972 (54) 781 4951

Amir Adar

Head of Investor Relations & Corporate Projects

Tel: +972 (54) 781 5051

E-mail: [email protected]

View original content:https://www.prnewswire.com/news-releases/partner-communications-to-release-second-quarter-2021-results-on-august-18-2021-301344011.html

SOURCE Partner Communications Company Ltd.

Posted on July 29, 2021 3:01 am
Quhuo Announces Joint Partnerships with Shougang Real Estate and Hakone Group to Boost Operations of the Beijing-Tianjin-New-City Development

Quhuo’s multi-scenario and flexible employment management system optimizes hospitality and homestay operations

PR Newswire

BEIJING, July 29, 2021 /PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”), a leading gig economy platform from China, today announced its recent partnerships with Shougang Real Estate (“Shougang”) and Hakone Group (“Hakone”) to jointly boost operations in the Beijing–Tianjin-New-City development project (“Beijing–Tianjin-New-City”), a luxury resort town about 90 kilometers from Beijing.

Chengtu, one of China’s biggest homestay operators and a sub-division of Quhuo, officially launched the joint partnerships with Tianjin Subsidiary of Shougang and Hakone on July 10, 2021. Mr. Chen Xiaodong, vice president of Chengtu, commented at the launch event, “We are very proud that Quhuo’s homestay solutions will empower the service models of the Beijing–Tianjin-New-City project, which comprises of thousands of villas, hotels and restaurants. We will continue to co-operate with our two partners to offer the most suitable service models moving forward.”

The timely partnership opens more opportunities as China’s domestic tourism market continues to gather momentum and recover at a fast pace. The increasing demand for domestic travel has brought huge opportunities to the nation’s room rental market. Many planning travels abroad are expected to change their preference for domestic destinations due to the difficulties of international travel amid the ongoing COVID-19 pandemic.

Despite rising demand, the domestic tourism market has not been increasing its supply side accordingly to meet this new demand. The current number of available room listings in the industry remains below the pre-pandemic levels, making it an opportune time for new hosts to tap into the room rental market.

In an effort to ride the wave of the recovering domestic tourism, some internet giants are competing for a slice of the market. Against this backdrop, Quhuo has developed its own unique service models to meet the demand from hotels and homestays. In addition to operating Quhuo’s own room listings, the Company continues to work closely with homestay owners to offer comprehensive one-stop solutions, which include integrated services like room preparation and cleaning, listing management, online customer services and offline receptions.

Quhuo offers an additional service model that allows flexible management of room listings on behalf of homestay owners. This service operates their rental businesses, and can potentially reduce investment risks associated with the operation of homestay businesses while ensuring profitability. This model was designed to facilitate additional income for homestay owners, and for estate owners with unused rooms and idle properties to earn additional income.

The new joint partnerships will also be able to benefit from Quhuo’s well-developed platform to offer more on-demand services. With the Company’s advanced gig economy platform and data-driven flexible employment management system, Quhuo is able to manage basic facilities and workforce resources, which can further reduce operation costs and boost efficiency.

Homestay operations, one of the key areas that Quhuo will focus on with its partners at Beijing–Tianjin-New-City, could also adopt Quhuo’s flexible employment management system to fit their increasing needs for various hospitality and homestay services.

“Working closely with our partners, we believe that our comprehensive solutions and products will significantly contribute to the development of the Beijing–Tianjin-New-City project, and provide a competitive edge to the service providers,” said Mr. Chen Xiaodong, vice president of Chengtu.

About Shougang Real Estate

Established in 1998 and headquartered in Beijing, Shougang Real Estate is a real estate investment and development group integrating real estate investment, development, and asset operation. The company has 23 subsidiaries and total assets under management of RMB 50 billion (US$ 7.69 billion), with its product range covering residential, apartments, villas, commercial, office buildings, tourism and vacation and hotels.

About Quhuo Limited

Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) was the largest workforce operational solution platform in China in 2019. Quhuo provides tech-enabled, end-to-end operational solutions to blue-chip on-demand consumer service businesses in industries with significant e-commerce exposure, including on-demand food delivery, ride-hailing, housekeeping and bike-sharing. Quhuo’s platform helps its industry customers mobilize a large team of workers and utilizes a combination of training, performance monitoring and refinement, and incentives to transform them into skilled workers who can follow industry-specific, standardized and highly efficient service procedures. Within the on-demand consumer service ecosystem, the Company plays a unique and indispensable role as the link between consumer service businesses and end consumers to enable the delivery of goods, services and experiences to consumers.

Media Contact
Ba Zhen (Vice President)
[email protected]
13261685237

Related Links
https://ir.quhuo.cn/

View original content:https://www.prnewswire.com/news-releases/quhuo-announces-joint-partnerships-with-shougang-real-estate-and-hakone-group-to-boost-operations-of-the-beijing-tianjin-new-city-development-301343903.html

SOURCE Quhuo Limited

Posted on July 29, 2021 2:50 am
Altera Infrastructure Reports Second Quarter 2021 Results

ABERDEEN, United Kingdom, July 29, 2021 (GLOBE NEWSWIRE) — Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today reported the Partnership’s results for the quarter ended June 30, 2021.

Revenues of $266.9 million and net loss of $28.5 million, or $(0.06) per common unit, in the second quarter of 2021

Adjusted EBITDA⁽¹⁾ of $109.6 million in the second quarter of 2021

Announced a series of measures to improve its debt maturity profile and enhance its liquidity and financial flexibility, including suspending the quarterly distributions on the Partnership’s preferred units and the launch of an exchange transaction relating to its 8.50% senior notes due 2023

The following table presents the Partnership’s Consolidated Financial Summary:

Three Months Ended

June 30, March 31, June 30,

2021 2021 2020

In thousands of U.S. Dollars, unaudited $ $ $

IFRS FINANCIAL RESULTS

Revenues 266,935 272,754 304,462

Net Income (loss) (28.488 ) 5,901 (8,247 )

Limited partners’ interest in net income (loss) per common unit – basic (0.06 ) 0.00 (0.04 )

NON-IFRS FINANCIAL MEASURE:

Adjusted EBITDA ⁽¹⁾ 109,595 120,270 153,473

(1)   Please refer to “Non-IFRS Measures” for the definition of this term and reconciliation of this non-IFRS measure as used in this release to the most directly comparable measure under IFRS.

The Partnership generated a net loss of $28 million for the three months ended June 30, 2021, compared to net loss of $8 million for the three months ended June 30, 2020. The results for the recent quarter were mainly impacted by lower revenues in the FPSO and FSO operations. This was partially offset by a $14 million lower loss on derivatives and a $9 million gain in the current quarter from sale of vessels compared to a $1 million loss from sale of vessels in the same period last year.

Adjusted EBITDA was $110 million in the second quarter of 2021, compared to $153 million in the same quarter of the prior year. Adjusted EBITDA was mainly impacted by the items described above, excluding loss on derivatives and gain on sale of vessels.

Operating Results

The commentary below compares certain results of the Partnership’s operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended June 30, 2021 to the same period of the prior year.
The following table presents the Partnership’s Adjusted EBITDA by segment:

Three Months Ended

June 30, March 31, June 30,

2021 2021 2020

In thousands of U.S. Dollars, unaudited $ $ $

FPSO 45,364 52,768 68,938

Shuttle Tanker 57,662 67,194 75,447

FSO 9,587 7,405 16,168

UMS (1,627 ) (1,695 ) (1,341 )

Towage (1,357 ) (2,350 ) (5,723 )

Corporate/Eliminations (34 ) (3,052 ) (16 )

Partnership Adjusted EBITDA 109,595 120,270 153,473

Second Quarter 2021 Compared with Second Quarter 2020

The Partnership’s FPSO segment generated Adjusted EBITDA of $45 million for the three months ended June 30, 2021, compared to $69 million for the three months ended June 30, 2020. The decrease of $24 million is mainly due to lower vessel utilization levels and higher maintenance costs related to operational issues on the Petrojarl I FPSO.

The Partnership’s Shuttle Tanker segment generated Adjusted EBITDA of $58 million for the three months ended June 30, 2021, compared to $75 million for the three months ended June 30, 2020. The decrease of $17 million is mainly driven by lower contribution from two vessels operating in the conventional tanker spot market following a strong market in 2020, a favorable storage contract in 2020 and generally fewer shuttle tankers in operation in 2021.

The Partnership’s FSO segment generated Adjusted EBITDA of $10 million for the three months ended June 30, 2021, compared to $16 million in the same period in 2020. The decrease of $6 million is mainly due to a reduction in the Randgrid FSO contract rate from October 2020 partially offset by absence of certain Dampier FSO end of contract costs in the second quarter 2020.

The Partnership’s UMS segment generated Adjusted EBITDA loss of $2 million in the most recent quarter, in line with the same period in 2020.

The Partnership’s Towage segment generated Adjusted EBITDA loss of $1 million in the most recent quarter, compared with a loss of $6 million in the same period in 2020. The increase in EBITDA is driven by higher utilization in the current quarter.

Liquidity Update

As at June 30, 2021 the Partnership had total liquidity of $241 million, representing an increase of $44 million from the prior quarter.

Strategic updates

Measures to improve the Partnership’s maturity profile and enhance its liquidity

The Partnership today announced a series of measures to improve the Partnership’s maturity profile and enhance its liquidity and financial flexibility. As part of these measures, the Partnership has taken the following actions:

Entered into an agreement with Brookfield Business Partners L.P., and certain of its affiliates and institutional partners (collectively, “Brookfield”) to exchange at par approximately $700 million of indebtedness in Altera GP with maturities ranging from 2022 to 2024 (including $411 million of Altera’s 8.5% Senior Notes due 2023 (the “Notes”) held by Brookfield) for 11.5% Senior Secured PIK Notes due 2026 and commenced an exchange transaction relating to the $276 million of Notes held by non-Brookfield parties.

Suspended the payment of quarterly cash distributions on the Partnership’s outstanding 7.25% Series A Cumulative Redeemable Preferred Units (the “Series A Units”), 8.50% Series B Cumulative Redeemable Preferred Units (the “Series B Units”) and 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series E Units” and, together with the Series A Units and Series B Units, the “Preferred Units”) commencing with the distributions payable with respect to the period of May 15, 2021 to August 14, 2021. All distributions on the Preferred Units will continue to accrue and must be paid in full before distributions to Class A and Class B common unitholders can be made. No distributions on the Preferred Units will be permitted without noteholder consent while the new PIK notes issued in the exchange transactions described above remain outstanding.

“The measures we are announcing today are expected to significantly extend our debt maturity profile, improve the Partnership’s cash flows and enhance its overall financial flexibility” commented Ingvild Sæther, President and CEO of Altera Infrastructure Group Ltd. “Our Board of Directors has carefully assessed a number of different options to enhance our liquidity and maintain a strong cost focus. With the support of Brookfield, we believe these actions put the company on stronger footing to support its existing operations, including opportunities to secure new contracts.”

The Partnership expects to achieve in excess of $80 million in annual cashflow savings as a result of the agreement with Brookfield and suspension of quarterly distributions on the Preferred Units. In addition, there is potential for further annual cashflow savings depending on the outcome of the exchange of the Notes held by non-Brookfield parties. If all of the Notes are exchanged in the exchange transactions, which remain subject to the satisfaction of certain conditions, these measures will also extend maturities currently ranging from 2022 to 2024 on approximately $970 million of indebtedness to 2026, including indebtedness held by Brookfield.

Shuttle Tanker newbuildings

The Partnership’s fifth and sixth LNG fueled E-Shuttles, the Altera Wave and Altera Wind, commenced operations in the second quarter of 2021. The Altera Thule is expected to be delivered early in 2022 and to operate off the East Coast of Canada.

Contract updates
In June 2021 Equinor exercised a one-year contract extension option for the Randgrid FSO until October 2022.

Vessel sales

During the recent quarter the Partnership sold three shuttle tankers and one FSO for $30 million.

Conference Call

The Partnership plans to host a conference call on Wednesday, July 29, 2021 at 09:00 a.m. (ET) to discuss the results for the second quarter of 2021. All interested parties are invited to listen to the live conference call by choosing from the following options:

By dialing (conference ID code: 9502728)

Norway (Toll free) 800 14953

Norway (Local) +47 23 50 05 01

United Kingdom (Toll free) +44 (0)330 336 9434

United States (Local) +1 646-828-8193

Canada (Local) +1 888-394-8218

By accessing the webcast, which will be available on Altera’s website at www.alterainfra.com (the archive will remain on the website for a period of one year).

An accompanying Second Quarter 2021 Earnings Presentation will also be available at www.alterainfra.com in advance of the conference call start time.

Forward Looking Statements

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others: the Partnership’s strategic initiatives intended to improve its debt maturity profile and enhance its liquidity and financial flexibility, including the consummation and effect thereof; and the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: satisfaction of conditions to implement the strategic initiatives and participation by bondholders in the proposed exchange of outstanding bonds; delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2020. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

About Altera Infrastructure L.P.

Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera has consolidated assets of approximately $4.3 billion, comprised of 47 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers (including one newbuilding), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera’s fleet is employed on medium-term, stable contracts.

Altera’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively.

For Investor Relations enquiries contact:

Jan Rune Steinsland, Chief Financial Officer
Email: [email protected]
Tel: +47 97 05 25 33
Website: www.alterainfra.com

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands of U.S. Dollars)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30,

2021 2021 2020 2021 2020

$ $ $ $ $

Revenues 266,935 272,754 304,462 539,689 616,863

Direct operating costs (169,937 ) (161,841 ) (165,652 ) (331,778 ) (319,471 )

General and administrative expenses (8,951 ) (12,668 ) (2,306 ) (21,619 ) (17,108 )

Depreciation and amortization (81,560 ) (77,249 ) (77,606 ) (158,809 ) (156,140 )

Interest expense (49,475 ) (47,684 ) (45,907 ) (97,159 ) (94,176 )

Interest income 21 28 43 49 710

Equity-accounted income (loss) 10,229 19,384 8,428 29,613 4,373

Impairment expense, net — — (8,275 ) — (180,277 )

Gain (loss) on dispositions, net 9,107 — (1,388 ) 9,107 (1,950 )

Realized and unrealized gain (loss) on derivative instruments (1,513 ) 13,860 (15,193 ) 12,347 (106,116 )

Foreign currency exchange gain (loss) (302 ) 325 (949 ) 23 (4,389 )

Other income (expenses), net (1,831 ) (26 ) (4,137 ) (1,857 ) (5,366 )

Income (loss) before income tax (expense) recovery (27,277 ) 6,883 (8,480 ) (20,394 ) (263,047 )

Income tax (expense) recovery

Current (1,211 ) (982 ) (1,465 ) (2,193 ) (3,601 )

Deferred — — 1,698 — (531 )

Net income (loss) (28,488 ) 5,901 (8,247 ) (22,587 ) (267,179 )

Attributable to:

Limited partners – common units (33,967 ) (302 ) (15,951 ) (34,269 ) (274,092 )

General partner (260 ) (2 ) (143 ) (262 ) (2,050 )

Limited partners – preferred units 7,880 7,880 8,038 15,760 16,076

Non-controlling interests in subsidiaries (2,141 ) (1,675 ) (191 ) (3,816 ) (7,113 )

(28,488 ) 5,901 (8,247 ) (22,587 ) (267,179 )

Basic and diluted earnings (loss) per limited partner common unit (0.06 ) 0.00 (0.04 ) (0.06 ) (0.67 )

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands of U.S. Dollars)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30,

2021 2021 2020 2021 2020

$ $ $ $ $

Net income (loss) (28,488 ) 5,901 (8,247 ) (22,587 ) (267,179 )

Other comprehensive income (loss)

Items that may be reclassified subsequently to net income (loss):

To interest expense:

Realized gain on qualifying cash flow hedging instruments (196 ) (190 ) (208 ) (386 ) (416 )

To equity income:

Realized gain on qualifying cash flow hedging instruments (211 ) (196 ) (259 ) (407 ) (514 )

Total other comprehensive income (loss) (407 ) (386 ) (467 ) (793 ) (930 )

Comprehensive income (loss) (28,895 ) 5,515 (8,714 ) (23,380 ) (268,109 )

Attributable to:

Limited partners – common units (34,371 ) (685 ) (16,413 ) (35,056 ) (275,014 )

General partner (263 ) (5 ) (148 ) (268 ) (2,058 )

Limited partners – preferred units 7,880 7,880 8,038 15,760 16,076

Non-controlling interests in subsidiaries (2,141 ) (1,675 ) (191 ) (3,816 ) (7,113 )

(28,895 ) 5,515 (8,714 ) (23,380 ) (268,109 )

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands of U.S. Dollars)

As at As at As at

June 30, March 31, December 31,

2021 2021 2020

$ $ $

ASSETS

Current assets

Cash and cash equivalents 241,132 197,078 235,734

Financial assets 21,061 48,621 103,514

Accounts and other receivable, net 198,080 217,392 222,629

Vessels and equipment classified as held for sale 4,400 7,500 7,500

Inventory 20,968 21,586 16,308

Due from related parties 707 2,723 9,980

Other assets 32,061 34,571 37,326

Total current assets 518,409 529,471 632,991

Non-current assets

Financial assets 45,755 45,753 36,372

Vessels and equipment 3,132,456 3,213,592 3,029,415

Advances on newbuilding contracts 26,991 26,094 127,335

Equity-accounted investments 249,300 243,698 241,731

Deferred tax assets 5,152 5,144 5,153

Other assets 158,652 169,887 185,521

Goodwill 127,113 127,113 127,113

Total non-current assets 3,745,419 3,831,281 3,752,640

Total assets 4,263,828 4,360,752 4,385,631

LIABILITIES

Current liabilities

Accounts payable and other 345,285 333,400 302,414

Other financial liabilities 45,709 40,307 198,985

Borrowings 335,966 349,890 362,079

Due to related parties 98,615 73,226 7

Total current liabilities 825,575 796,823 863,485

Non-current liabilities

Accounts payable and other 111,254 114,068 128,671

Other financial liabilities 195,088 207,425 144,350

Borrowings 2,720,530 2,799,400 2,808,898

Due to related parties 204,768 199,648 194,628

Deferred tax liabilities 700 700 700

Total non-current liabilities 3,232,340 3,321,241 3,277,247

Total liabilities 4,057,915 4,118,064 4,140,732

EQUITY

Limited partners – Class A common units (2,940 ) (2,509 ) (2,505 )

Limited partners – Class B common units (189,802 ) (156,267 ) (157,897 )

Limited partners – preferred units 376,488 376,488 376,512

General partner 6,566 6,826 6,828

Accumulated other comprehensive income 3,278 3,685 4,071

Non-controlling interests in subsidiaries 12,323 14,465 17,890

Total equity 205,913 242,688 244,899

Total liabilities and equity 4,263,828 4,360,752 4,385,631

ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. Dollars)

Six Months Ended

June 30,

2021 2020

$ $

Operating Activities

Net income (loss) (22,587 ) (267,179 )

Adjusted for the following items:

Depreciation and amortization 158,809 156,140

Equity-accounted (income) loss, net of distributions received (5,639 ) 16,160

Impairment expense, net — 180,277

(Gain) loss on dispositions, net (9,107 ) 1,950

Unrealized (gain) loss on derivative instruments (163,207 ) 71,359

Deferred income tax expense (recovery) — 531

Provisions and other items 188 (3,503 )

Other non-cash items 22,985 15,988

Changes in non-cash working capital, net 79,464 8,551

Net operating cash flow 60,906 180,274

Financing Activities

Proceeds from borrowings 75,000 72,015

Repayments of borrowings and settlement of related derivative instruments (195,767 ) (159,869 )

Financing costs related to borrowings (884 ) (1,330 )

Proceeds from borrowings related to sale and leaseback of vessels 71,400 35,703

Repayments of borrowings related to sale and leaseback of vessels (5,700 ) —

Financing costs related to borrowings from sale and leaseback of vessels (584 ) (65 )

Proceeds from borrowings from related parties 130,000 105,000

Prepayment of borrowings from related parties (30,000 ) —

Lease liability repayments (6,961 ) (11,147 )

Distributions to limited partners and preferred unitholders (15,760 ) (16,076 )

Distributions to others who have interests in subsidiaries (1,750 ) (4,750 )

Repurchase of preferred units (24 ) —

Net financing cash flow 18,970 19,481

Investing Activities

Additions

Vessels and equipment (168,979 ) (239,418 )

Equity-accounted investments (2,336 ) (2,196 )

Dispositions:

Vessels and equipment 28,835 15,052

Restricted cash 67,633 66,079

Acquisition of company (net of cash acquired of $6.4 million) — 6,430

Net investing cash flow (74,847 ) (154,053 )

Cash and cash equivalents

Change during the period 5,029 45,702

Impact of foreign exchange on cash 369 (3,992 )

Balance, beginning of the period 235,734 199,388

Balance, end of the period 241,132 241,098

Non-IFRS Measures

To supplement the unaudited interim condensed consolidated financial statements, the Partnership uses Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of the Partnership’s performance. Adjusted EBITDA represents net income (loss) before interest expense, interest income, income tax (expense) recovery, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps (as the Partnership in assessing its performance, views these gains or losses as an element of interest expense); realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; realized gain or loss on foreign currency forward contracts; and equity-accounted income (loss). Adjusted EBITDA also includes the Partnership’s proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests’ proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership’s equity-accounted investments may not be available for use by the Partnership in the period that such cash flows are generated.

Adjusted EBITDA is intended to provide additional information and should not be considered as the sole measure of the Partnership’s performance or as a substitute for net income (loss) or other measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning and may not be comparable to similar measures presented by other companies. This non-IFRS measure is used by the Partnership’s management, and the Partnership believes that this supplementary metric assists investors and other users of its financial reports in comparing its financial and operating performance across reporting periods and with other companies.

Non-IFRS Financial Measures

The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in the Partnership’s Consolidated Financial Summary.

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

(in thousands of U.S. Dollars, unaudited) $ $ $ $

Adjusted EBITDA 109,595 153,473 229,865 317,021

Depreciation and amortization (81,560 ) (77,606 ) (158,809 ) (156,140 )

Interest expense (49,475 ) (45,907 ) (97,159 ) (94,176 )

Interest income 21 43 49 710

Expenses and gains (losses) relating to equity-accounted investments (10,606 ) (14,586 ) (15,475 ) (43,504 )

Impairment expense, net — (8,275 ) — (180,277 )

Gain (loss) on dispositions, net 9,107 (1,388 ) 9,107 (1,950 )

Realized and unrealized gain (loss) on derivative instruments (1,513 ) (13,382 ) 12,347 (103,002 )

Foreign currency exchange gain (loss) (302 ) (949 ) 23 (4,389 )

Other income (expenses), net (1,831 ) (4,137 ) (1,857 ) (5,366 )

Adjusted EBITDA attributable to non-controlling interests (713 ) 4,234 1,515 8,026

Income (loss) before income tax (expense) recovery (27,277 ) (8,480 ) (20,394 ) (263,047 )

Income tax (expense) recovery:

Current (1,211 ) (1,465 ) (2,193 ) (3,601 )

Deferred — 1,698 — (531 )

Net loss (28,488 ) (8,247 ) (22,587 ) (267,179 )

Adjusted EBITDA from equity-accounted investments, which is a non-IFRS financial measure and should not be considered as an alternative to equity accounted income (loss) or any other measure of financial performance presented in accordance with IFRS, represents our proportionate share of Adjusted EBITDA (as defined above) from equity-accounted investments. This measure does not have a standardized meaning, and may not be comparable to similar measures presented by other companies. Adjusted EBITDA from equity-accounted investments is summarized in the table below:

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

(in thousands of U.S. Dollars, unaudited) $ $ $ $

Equity-accounted income (loss) 10,229 8,428 29,613 4,373

Less: —

Depreciation and amortization (7,551 ) (8,779 ) (15,116 ) (16,617 )

Interest expense, net (1,932 ) (3,098 ) (4,000 ) (6,932 )

Income tax (expense) recovery

Current 21 (3 ) (26 ) (135 )

EBITDA 19,691 20,308 48,755 28,057

Less:

Realized and unrealized gain (loss) on derivative instruments (2,005 ) (2,099 ) 3,522 (17,177 )

Foreign currency exchange gain (loss) 861 (607 ) 145 (2,643 )

Adjusted EBITDA from equity-accounted investments 20,835 23,014 45,088 47,877

Posted on July 29, 2021 2:49 am
Altera Infrastructure GP LLC Announces Series of Measures Which Are Expected to Result in More Than $80 Million in Annual Cashflow Savings, Including Suspension of Quarterly Cash Distributions on the Preferred Units of Altera Infrastructure L.P. and Commitment from Brookfield to Extend Approximately $700 million in Indebtedness to 2026

ABERDEEN, United Kingdom, July 29, 2021 (GLOBE NEWSWIRE) — The board of directors of Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today announced a series of measures to improve the Partnership’s maturity profile and enhance its liquidity and financial flexibility. As part of these measures, the Partnership has taken the following actions:

Entered into an agreement with Brookfield Business Partners L.P., and certain of its affiliates and institutional partners (collectively, “Brookfield”) to exchange at par approximately $700 million of indebtedness in Altera GP with maturities ranging from 2022 to 2024 (including $411 million of Altera’s 8.5% Senior Notes due 2023 (the “Notes”) held by Brookfield) for 11.5% Senior Secured PIK Notes due 2026 and commenced an exchange transaction relating to the $276 million of Notes held by non-Brookfield parties.

Suspended the payment of quarterly cash distributions on the Partnership’s outstanding 7.25% Series A Cumulative Redeemable Preferred Units (the “Series A Units”), 8.50% Series B Cumulative Redeemable Preferred Units (the “Series B Units”) and 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series E Units” and, together with the Series A Units and Series B Units, the “Preferred Units”) commencing with the distributions payable with respect to the period of May 15, 2021 to August 14, 2021. All distributions on the Preferred Units will continue to accrue and must be paid in full before distributions to Class A and Class B common unitholders can be made. No distributions on the Preferred Units will be permitted without noteholder consent while the new PIK notes issued in the exchange transactions described above remain outstanding.

“The measures we are announcing today are expected to significantly extend our debt maturity profile, improve the Partnership’s cash flows and enhance its overall financial flexibility,” commented Ingvild Sæther, President and CEO of Altera Infrastructure Group Ltd. “Our Board of Directors has carefully assessed a number of different options to enhance our liquidity and maintain a strong cost focus. With the support of Brookfield, we believe these actions put the company on stronger footing to support its existing operations, including opportunities to secure new contracts.”

The Partnership expects to achieve in excess of $80 million in annual cashflow savings as a result of the agreement with Brookfield and suspension of quarterly distributions on the Preferred Units.   In addition, there is potential for further annual cashflow savings depending on the outcome of the exchange of the Notes held by non-Brookfield parties. If all of the Notes are exchanged in the exchange transactions, which remain subject to the satisfaction of certain conditions, these measures will also extend maturities currently ranging from 2022 to 2024 on approximately $970 million of indebtedness to 2026, including indebtedness held by Brookfield.

About the Partnership

The Partnership is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. The Partnership has consolidated assets of approximately $4.3 billion, comprised of 47 vessels, including floating production, storage and offloading units, shuttle tankers (including one newbuilding), floating storage and offtake units, long-distance towing and offshore installation vessels and a unit for maintenance and safety. The majority of Altera’s fleet is employed on medium-term, stable contracts.

The Series A Units, Series B Units and Series E Units trade on the New York Stock Exchange under the symbols “ALIN PR A” “ALIN PR B” and “ALIN PR E,” respectively.

For further information contact:

Jan Rune Steinsland,
Chief Financial Officer

Tel: +47 97 05 25 33
E-mail: [email protected]

Posted on July 29, 2021 2:48 am
ASE Technology Holding Co., Ltd. Reports Unaudited Consolidated Financial Results for the Second Quarter of 2021

PR Newswire

TAIPEI, Taiwan, R.O.C., July 29, 2021 /PRNewswire/ — ASE Technology Holding Co., Ltd. (TAIEX: 3711, NYSE: ASX) (“We”, “ASEH”, or the “Company”), the leading provider of semiconductor manufacturing services in assembly and test, today reported unaudited net revenues^[1] of NT$126,926 million for 2Q21, up by 18% year-over-year and up by 6% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT$10,338 million, up from a net income attributable to shareholders of the parent of NT$6,937 million in 2Q20 and up from a net income attributable to shareholders of the parent of NT$8,477 million in 1Q21. Basic earnings per share for the quarter were NT$2.40 (or US$0.171 per ADS), compared to NT$1.63 for 2Q20 and NT$1.97 for 1Q21. Diluted earnings per share for the quarter were NT$2.30 (or US$0.164 per ADS), compared to NT$1.60 for 2Q20 and NT$1.92 for 1Q21. We have completed the identification of the difference between the cost of the investment and our share of the net fair value of Asteelflash’s identifiable assets and liabilities in 2Q21; therefore, we retrospectively adjusted the amounts for 1Q21. Such adjustments included an increase of NT$397 million to total assets, an increase of NT$507 million to total liabilities and a decrease of NT$110 million to shareholders’ equity as of March 31, 2021. The revaluation resulted in an increase of NT$119 million to inventory cost, depreciation, amortization, income tax benefit and non-controlling interest for 1Q21.

RESULTS OF OPERATIONS

2Q21 Results Highlights – Consolidated

Net revenue contribution from packaging operations, testing operations, EMS operations and others, each represented approximately 51%, 9%, 39% and 1%, respectively, of total net revenues for the quarter.

Cost of revenue was NT$102,122 million for the quarter, up from NT$97,584 million in 1Q21.

Raw material cost totaled NT$58,420 million for the quarter, representing 46% of total net revenues.

Labor cost totaled NT$16,144 million for the quarter, representing 13% of total net revenues.

Depreciation, amortization and rental expenses totaled NT$12,402 million for the quarter.

Gross margin increased 1.2 percentage points to 19.5% in 2Q21 from 18.3% in 1Q21.

Operating margin was 10.4% in 2Q21, compared to 9.1% in 1Q21.

In terms of non-operating items:

Net interest expense was NT$569 million.

Net foreign exchange gain of NT$1,057 million was primarily attributable to the depreciation of U.S. dollar against New Taiwan dollar.

Loss on valuation of financial assets and liabilities was NT$1,050 million.

Net gain on equity-method investments was NT$219 million.

Other net non-operating income of NT$513 million was primarily attributable to miscellaneous income. Total non-operating income for the quarter was NT$170 million.

Income before tax was NT$13,344 million for 2Q21, compared to NT$11,180 million in 1Q21. We recorded income tax expenses of NT$2,648 million for the quarter, compared to NT$2,451 million in 1Q21.

In 2Q21, net income attributable to shareholders of the parent was NT$10,338 million, compared to NT$6,937 million in 2Q20 and NT$8,477 million in 1Q21.

Our total number of shares outstanding at the end of the quarter was 4,382,932,382, including treasury stock owned by our subsidiaries. Our 2Q21 basic earnings per share of NT$2.40 (or US$0.171 per ADS) were based on 4,309,821,394 weighted average numbers of shares outstanding in 2Q21. Our 2Q21 diluted earnings per share of NT$2.30 (or US$0.164 per ADS) were based on 4,362,634,153 weighted average number of shares outstanding in 2Q21.

2Q21 Results Highlights – ATM^[2]

Cost of revenues was NT$58,778 million for the quarter, up by 5% sequentially.

Raw material cost totaled NT$19,808 million for the quarter, representing 25% of total net revenues.

Labor cost totaled NT$13,706 million for the quarter, representing 17% of total net revenues.

Depreciation, amortization and rental expenses totaled NT$11,398 million for the quarter.

Gross margin increased 1.2 percentage points to 25.6% in 2Q21 from 24.4% in 1Q21.

Operating margin was 15.0% in 2Q21, compared to 13.4% in 1Q21.

2Q21 Results Highlights – EMS

Cost of revenues for the quarter was NT$44,678 million, up by 2% sequentially.

Raw material cost totaled NT$38,472 million for the quarter, representing 78% of total net revenues.

Labor cost totaled NT$2,336 million for the quarter, representing 5% of total net revenues.

Depreciation, amortization and rental expenses totaled NT$873 million for the quarter.

Gross margin increased 0.7 percentage points to 9.1% in 2Q21 from 8.4% in 1Q21.

Operating margin was 2.6% in 2Q21, compared to 2.5% in 1Q21.

LIQUIDITY AND CAPITAL RESOURCES

Capital expenditures in 2Q21 totaled US$611 million, of which US$450 million were used in packaging operations, US$116 million in testing operations, US$39 million in EMS operations and US$6 million in interconnect materials operations and others.

As of June 30, 2021, total unused credit lines amounted to NT$276,357 million.

Current ratio was 1.30 and net debt to equity ratio was 0.60 as of June 30, 2021.

Total number of employees was 103,164 as of June 30, 2021, compared to 101,785 as of March 31, 2021.

BUSINESS REVIEW

Customers

ATM CONSOLIDATED BASIS

Our five largest customers together accounted for approximately 43% of our total net revenues in 2Q21, compared to 44% in 1Q21. Two customers each accounted for more than 10% of our total net revenues in 2Q21 individually.

Our top 10 customers contributed 55% of our total net revenues both in 2Q21 and 1Q21.

Our customers that are integrated device manufacturers or IDMs accounted for 31% of our total net revenues both in 2Q21 and 1Q21.

EMS BASIS

Our five largest customers together accounted for approximately 70% of our total net revenues in 2Q21, compared to 73% in 1Q21. One customer accounted for more than 10% of our total net revenues in 2Q21.

Our top 10 customers contributed 78% of our total net revenues in 2Q21, compared to 80% in 1Q21.

About ASE Technology Holding Co., Ltd.

ASEH is
the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as IC packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough
innovations
, and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia and Mexico as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services. For more
information, please visit our website at

https://www.aseglobal.com
.

Safe Harbor Notice

This press release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this presentation. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward-looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2020 Annual Report on Form 20-F filed on April 6, 2021.

Supplemental Financial Information

Consolidated Operations

2Q/21

1Q/21

2Q/20

EBITDA (NT$ Millions)

27,350

24,867

22,488

ATM Consolidated Operations

2Q/21

1Q/21

2Q/20

Net Revenues (NT$ Millions)

78,988

73,767

69,516

Revenues by Application

Communication

50%

50%

54%

Computing

14%

14%

14%

Automotive, Consumer & Others

36%

36%

32%

Revenues by Type

Bumping, Flip Chip, WLP & SiP

33%

34%

38%

Wirebonding

42%

40%

35%

Discrete and Others

8%

9%

7%

Testing

15%

15%

18%

Material

2%

2%

2%

Capacity & EBITDA

CapEx (US$ Millions)*

570

460

424

EBITDA (NT$ Millions)

24,671

22,566

20,037

Number of Wirebonders

29,056

27,574

24,667

Number of Testers

6,001

5,862

5,790

EMS Operations

2Q/21

1Q/21

2Q/20

Net Revenues (NT$ Millions)

49,154

47,693

39,709

Revenues by End Application

Communication

39%

39%

46%

Computing & Storage

10%

7%

12%

Consumer

28%

33%

28%

Industrial

16%

14%

10%

Automotive

5%

5%

3%

Others

2%

2%

1%

Capacity

CapEx (US$ Millions)*

39

11

70

* Capital expenditure excludes building construction costs.

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data

(In NT$ millions, except per share data)

(Unaudited)

For the three months ended

For the six months ended

Jun. 30

2021

Mar. 31

2021^[3]

Jun. 30

2020

Jun. 30

2021

Jun. 30

2020

Net revenues:

Packaging

64,149

59,033

53,622

123,182

105,235

Testing

11,676

11,130

12,690

22,806

24,253

EMS

49,147

47,684

39,703

96,831

72,424

Others

1,954

1,623

1,534

3,577

2,994

Total net revenues

126,926

119,470

107,549

246,396

204,906

Cost of revenues

(102,122)

(97,584)

(88,740)

(199,706)

(169,941)

Gross profit

24,804

21,886

18,809

46,690

34,965

Operating expenses:

Research and development

(5,076)

(4,769)

(4,837)

(9,845)

(9,446)

Selling, general and administrative

(6,554)

(6,209)

(5,545)

(12,763)

(11,029)

Total operating expenses

(11,630)

(10,978)

(10,382)

(22,608)

(20,475)

Operating income

13,174

10,908

8,427

24,082

14,490

Net non-operating (expenses) income:

Interest expense – net

(569)

(572)

(771)

(1,141)

(1,664)

Foreign exchange gain (loss)

1,057

(224)

718

833

394

Gain (loss) on valuation of financial assets
   and liabilities

(1,050)

391

(17)

(659)

169

Gain (loss) on equity-method investments

219

149

105

368

66

Others

513

528

417

1,041

661

Total non-operating income (expenses)

170

272

452

442

(374)

Income before tax

13,344

11,180

8,879

24,524

14,116

Income tax expense

(2,648)

(2,451)

(1,646)

(5,099)

(2,821)

Income from continuing operations and

before non-controlling interest

10,696

8,729

7,233

19,425

11,295

Non-controlling interest

(358)

(252)

(296)

(610)

(459)

Net income attributable to

shareholders of the parent

10,338

8,477

6,937

18,815

10,836

Per share data:

Earnings (losses) per share

– Basic

NT$2.40

NT$1.97

NT$1.63

NT$4.37

NT$2.54

– Diluted

NT$2.30

NT$1.92

NT$1.60

NT$4.25

NT$2.49

Earnings (losses) per equivalent ADS

– Basic

US$0.171

US$0.139

US$0.109

US$0.310

US$0.170

– Diluted

US$0.164

US$0.135

US$0.107

US$0.302

US$0.166

Number of weighted average shares used in

diluted EPS calculation (in thousands)

4,362,634

4,357,714

4,273,770

4,363,749

4,279,072

FX (NTD/USD)

28.03

28.30

29.94

28.17

29.97

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data – ATM

(In NT$ millions, except per share data)

(Unaudited)

For the three months ended

For the six months ended

Jun. 30

2021

Mar. 31

2021

Jun. 30

2020

Jun. 30

2021

Jun. 30

2020

Net revenues:

Packaging

65,936

61,545

55,732

127,481

109,332

Testing

11,677

11,131

12,693

22,808

24,259

Direct Material

1,372

1,044

1,051

2,416

2,065

Others

3

47

40

50

69

Total net revenues

78,988

73,767

69,516

152,755

135,725

Cost of revenues

(58,778)

(55,760)

(54,434)

(114,538)

(107,309)

Gross profit

20,210

18,007

15,082

38,217

28,416

Operating expenses:

Research and development

(3,829)

(3,697)

(3,777)

(7,526)

(7,425)

Selling, general and administrative

(4,554)

(4,392)

(4,081)

(8,946)

(8,195)

Total operating expenses

(8,383)

(8,089)

(7,858)

(16,472)

(15,620)

Operating income

11,827

9,918

7,224

21,745

12,796

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data – EMS

(In NT$ millions, except per share data)

(Unaudited)

For the three months ended

For the six months ended

Jun. 30

2021

Mar. 31

2021^[3]

Jun. 30

2020

Jun. 30

2021

Jun. 30

2020

Net revenues:

Total net revenues

49,154

47,693

39,709

96,847

72,436

Cost of revenues

(44,678)

(43,682)

(35,979)

(88,360)

(65,658)

Gross profit

4,476

4,011

3,730

8,487

6,778

Operating expenses:

Research and development

(1,274)

(1,097)

(1,085)

(2,371)

(2,068)

Selling, general and administrative

(1,929)

(1,738)

(1,403)

(3,667)

(2,697)

Total operating expenses

(3,203)

(2,835)

(2,488)

(6,038)

(4,765)

Operating income

1,273

1,176

1,242

2,449

2,013

ASE Technology Holding Co., Ltd.

Summary of Consolidated Balance Sheet Data

(In NT$ millions)

(Unaudited)

As of Jun. 30, 2021

As of Mar. 31, 2021^[3]

Current assets:

Cash and cash equivalents

52,987

73,783

Financial assets – current

4,492

5,114

Notes and accounts receivable

88,644

81,726

Inventories

75,869

66,949

Others

15,369

14,629

Total current assets

237,361

242,201

Financial assets – non-current & Investments – equity

method

19,982

19,168

Property plant and equipment

244,861

237,908

Right-of-use assets

9,842

9,067

Intangible assets

78,254

78,810

Others

21,557

19,472

Total assets

611,857

606,626

Current liabilities:

Short-term borrowings

40,460

41,186

Current portion of bonds payable & Current portion of
   long-term borrowings

8,563

8,133

Notes and accounts payable

70,893

62,059

Others

62,778

56,472

Total current liabilities

182,694

167,850

Bonds payable

48,474

48,457

Long-term borrowings^[4]

106,124

124,247

Other liabilities

20,060

20,078

Total liabilities

357,352

360,632

Equity attributable to shareholders of the parent

238,993

229,671

Non-controlling interests

15,512

16,323

Total liabilities & shareholders’ equity

611,857

606,626

Current Ratio

1.30

1.44

Net Debt to Equity Ratio

0.60

0.61

ASE Technology Holding Co., Ltd.

Summary of Consolidated Cash Flow Statements

(In NT$ millions)

(Unaudited)

For the three months ended

For the six months ended

Jun. 30

Mar. 31

Jun. 30

Jun. 30

Jun. 30

2021

2021^[3]

2020

2021

2020

Cash Flows from Operating Activities:

Profit before income tax

13,344

11,180

8,879

24,524

14,116

Depreciation & amortization

13,460

13,130

12,785

26,590

25,472

Other operating activities items

(8,573)

(8,559)

(1,659)

(17,132)

(6,135)

Net cash generated from operating
   activities

18,231

15,751

20,005

33,982

33,453

Cash Flows from Investing Activities:

Net payments for property, plant
   and equipment

(18,440)

(14,053)

(16,587)

(32,493)

(30,192)

Other investment activities items

(1,259)

(205)

1,902

(1,464)

1,697

Net cash used in investing activities

(19,699)

(14,258)

(14,685)

(33,957)

(28,495)

Cash Flows from Financing Activities:

Total net proceeds from
   (repayment of) borrowings

(16,640)

19,600

(18,900)

2,960

(5,011)

Other financing activities items

(1,022)

1,613

(457)

591

(262)

Net cash generated from (used in)
   financing activities

(17,662)

21,213

(19,357)

3,551

(5,273)

Foreign currency exchange effect

(1,666)

(461)

(1,569)

(2,127)

(1,593)

Net increase (decrease) in cash and
   cash equivalents

(20,796)

22,245

(15,606)

1,449

(1,908)

Cash and cash equivalents at the
   beginning of period

73,783

51,538

73,829

51,538

60,131

Cash and cash equivalents at the end
   of period

52,987

73,783

58,223

52,987

58,223

[1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in the R.O.C.). Such financial information is generated internally by us and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our independent auditors, to which we subject our audited consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results of operations for any future period.

[2] ATM stands for Semiconductor Assembly, Testing and Material.

[3] We have completed the identification of the difference between the cost of the investment and our share of the net fair value of Asteelflash’s identifiable assets and liabilities in 2Q21; therefore, we retrospectively adjusted the amounts for 1Q21. Such adjustments included an increase of NT$397 million to total assets, an increase of NT$507 million to total liabilities and a decrease of NT$110 million to shareholders’ equity as of March 31 2021. The revaluation resulted in an increase of NT$119 million to inventory cost, depreciation, amortization, income tax benefit and non-controlling interest for 1Q21.

[4] Long-term borrowings include long-term loans and bills payable.

Investor Relations Contact:

[email protected]

Tel: +886.2.6636.5678
http://www.aseglobal.com

View original content:https://www.prnewswire.com/news-releases/ase-technology-holding-co-ltd-reports-unaudited-consolidated-financial-results-for-the-second-quarter-of-2021-301343926.html

SOURCE ASE Technology Holding Co., Ltd.

Posted on July 29, 2021 2:48 am
Altera Infrastructure GP LLC Announces Commencement of Exchange Offer and Consent Solicitation for 8.50% Senior Notes due 2023

ABERDEEN, United Kingdom, July 29, 2021 (GLOBE NEWSWIRE) — Altera Infrastructure GP LLC, the general partner of Altera Infrastructure L.P. (“Altera” or the “Partnership”), today announced that Altera Infrastructure Holdings L.L.C. (“Holdings”), a wholly owned subsidiary of the Partnership, has commenced an offer (the “Exchange Offer”) to each Eligible Holder of the 8.50% Senior Notes due 2023 (the “Old Notes”) issued by the Partnership and Altera Infrastructure Finance Corp. (“Finco” and, together with the Partnership, the “Old Notes Issuers”) upon the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated July 29, 2021 (the “Offering Memorandum”) to participate in the options below at the election of such Eligible Holders:

Option 1: Offer to Eligible Holders to exchange their Old Notes for newly issued 8.50% Senior Secured Notes due 2026 (the “New Cash Pay Notes”) of Holdings (such option, “Option 1”); and

Option 2: Offer to Eligible Holders to exchange their Old Notes for newly issued 11.50% Senior Secured PIK Notes due 2026 of Holdings (the “New PIK Notes” and, together with the New Cash Pay Notes, the “New Notes”) (such option, “Option 2”).

The following table sets forth the consideration to be offered to Eligible Holders of the Old Notes in the Exchange Offer and Consent Solicitation (as defined below):

Consideration per $1,000 Principal Amount of Old Notes
Tendered (and Not Validly Withdrawn)
⁽¹⁾

CUSIP
Number or
ISIN Principal
Amount of
Old Notes
Outstanding Exchange
Consideration Consent Fee Total Exchange
Consideration

87901B AB8;
US87901BAB80 $686,990,000 $950 principal
amount of New
Notes $50 principal amount
of New Notes $1,000 principal
amount of New
Notes

(1)      Excludes accrued and unpaid interest.

Eligible Holders who tender (and do not validly withdraw) their Old Notes at or prior to 5:00 p.m., New York City time, on August 11, 2021, unless extended (as it may be extended, the “Early Tender Time”) will be eligible to receive $950 principal amount of New Notes and a consent fee of $50 principal amount of New Notes (the “Consent Fee”) for each $1,000 principal amount of Old Notes tendered for exchange (the “Total Exchange Consideration”). Eligible Holders must tender their Old Notes at or prior to the Early Tender Time in order to be eligible to receive the Consent Fee for such Old Notes accepted in the Exchange Offer. Eligible Holders tendering Old Notes after the Early Tender Time and at or prior to the Expiration Time will not be eligible to receive the Consent Fee and will only receive $950 principal amount of New Notes for each $1,000 principal amount of Old Notes tendered for exchange and not validly withdrawn (the “Exchange Consideration,” and together with the Total Exchange Consideration, “Settlement Consideration”).

The Exchange Offer will expire at 11:59 p.m., New York City time, on August 25, 2021, unless extended (as it may be extended, the “Expiration Time”). Tenders of Old Notes in the Exchange Offer may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on August 11, 2021, unless extended, but will thereafter be irrevocable, even if the Old Notes Issuers otherwise extend the Early Tender Time or extend the Exchange Offer beyond the Expiration Time, subject to limited exceptions or unless required by law.

Subject to the conditions described herein, promptly after the Expiration Time (such date, the “Settlement Date”), Holdings will pay (i) with respect to Eligible Holders who have properly tendered (and not properly withdrawn) their Old Notes in the Exchange Offer at or prior to the Early Tender Time, the Total Exchange Consideration and (ii) with respect to Eligible Holders who have properly tendered (and not properly withdrawn) their Old Notes in the Exchange Offer after the Early Tender Time and at or prior to the Expiration Time, the Exchange Consideration, and, in each case, cash paid by the Partnership in an amount equal to accrued and unpaid interest to, but not including, the Settlement Date. We currently expect the Settlement Date to be August 27, 2021.

In conjunction with the Exchange Offer, the Old Notes Issuers are soliciting consents (each, a “Consent”) from Eligible Holders of Old Notes to certain proposed amendments (the “Proposed Amendments”) to the indenture governing the Old Notes, dated as of July 2, 2018 (the “Old Notes Indenture”), by and among the Old Notes Issuers (as successors to Teekay Offshore Partners L.P. and Teekay Offshore Finance Corp., respectively) and The Bank of New York Mellon, as trustee, to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the Old Notes Indenture. The Old Notes Issuers must receive Consents by Eligible Holders of a majority of the outstanding principal amount of the Old Notes (excluding the $411.3 million outstanding principal amount of Old Notes held by Brookfield (as defined below) or any other affiliates of the Old Notes Issuers) to adopt the Proposed Amendments. Eligible Holders of Old Notes may not tender Old Notes without delivering the related Consents, and Eligible Holders of Old Notes may not deliver Consents without tendering the related Old Notes.

The Exchange Offer is conditioned upon, among other things, the tender of at least 80% of the aggregate principal amount of the Old Notes (excluding the $411.3 million outstanding principal amount of Old Notes held by Brookfield) (the “Minimum Participation Condition”). The Exchange Offer and Consent Solicitation are subject to the satisfaction or waiver of certain conditions set forth in the Offering Memorandum, including the Minimum Participation Condition. Holdings and the Old Notes Issuers may terminate the Exchange Offer if any of the conditions described in the Offering Memorandum are not satisfied or waived by the Expiration Time.

Pursuant to the terms of an Exchange and Support Agreement, dated as of July 29, 2021 (the “Exchange and Support Agreement”), by and among the Old Notes Issuers, Holdings, and Brookfield TK TOLP LP, Brookfield TK Bond LP, Brookfield TK Loan LP, Brookfield TK Loan 2 LP and Brookfield TK Block Acquisition LP (collectively, “Brookfield”) have agreed, subject to the terms and conditions set forth therein, to an exchange (the “Brookfield Exchanges”) consisting of an aggregate of $693.2 million of indebtedness of Altera as of the date thereof, including (i) $411.3 million in aggregate principal amount of Old Notes as of the date thereof; (ii) $234.9 million in aggregate principal amount of loans under that certain second amended and restated credit agreement, dated as of November 25, 2020, by and among the Partnership, Brookfield TK Loan LP, Brookfield TK Block Acquisition LP, and Brookfield TK Loan 2 LP as of the date thereof; (iii) $30.0 million in aggregate principal amount of loans under that certain credit agreement, dated as of February 23, 2021, by and among the Partnership, Brookfield TK Loan LP and Brookfield TK Loan 2 LP as of the date thereof; and (iv) $17.0 million in aggregate principal amount pursuant to that certain credit agreement, dated as of July 26, 2021, by and among Holdings, the Partnership, Brookfield TK Bond LP and Brookfield TK TOLP LP as of the date thereof, in each case for New PIK Notes in an equal aggregate principal amount (and in each case, an additional aggregate principal amount in New PIK Notes equal to the accrued and unpaid interest with respect to the foregoing exchanged indebtedness to, but not including, the date of the closing of the Exchange and Support Agreement). Pursuant to the Exchange and Support Agreement, Altera intends to complete the Brookfield Exchanges regardless of the amount of Old Notes tendered in the Exchange Offer or whether the Exchange Offer is completed.

The Exchange Offer is being made, and the New Notes are being offered and issued, only to holders of Old Notes who are either (a) reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), or (b) non-U.S. persons in compliance with Regulation S under the Securities Act, and if located or resident in a jurisdiction in Canada, (x) an “accredited investor” as defined in National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) or section 73.3(1) of the Securities Act (if located or resident in Ontario), as applicable, that either would acquire the New Notes for its own account or would be deemed to be acquiring the New Notes as principal by applicable law, and (y) a “permitted client” as defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-13”). Additional eligibility criteria may apply to holders of Old Notes located in certain other jurisdictions. The holders of Old Notes who are eligible to participate in the Exchange Offer pursuant to the foregoing conditions are referred to as “Eligible Holders.” Eligible Holders of the Old Notes who desire to obtain and complete an eligibility form should contact the information agent and exchange agent, D.F. King & Co., Inc., at (888) 605-1958 (toll-free) or (212) 269-5550 (for banks and brokers), email [email protected] or access the website at www.dfking.com/altera.

Eligible Holders of the Old Notes are urged to carefully read the Offering Memorandum before making any decision with respect to the Exchange Offer. None of Holdings, the Old Notes Issuers, the dealer managers, the information agent and exchange agent, the trustee with respect to the Old Note, or the trustees and collateral trustee for the New Notes, or any affiliate of any of them makes any recommendation as to whether Eligible Holders of the Old Notes should tender or refrain from tendering all or any portion of their Old Notes for New Notes in the Exchange Offer. No one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision as to whether to tender Old Notes in the Exchange Offer and, if so, the principal amount of Old Notes to tender.

The New Notes and the Exchange Offer have not been and will not be registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act, or any state or foreign securities laws. The New Notes may not be offered or sold in the United States or for the account or benefit of any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offer is not being made to Eligible Holders of Old Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase or sell any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About the Partnership

The Partnership is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. The Partnership has consolidated assets of approximately $4.3 billion, comprised of 47 vessels, including floating production, storage and offloading units, shuttle tankers (including one newbuilding), floating storage and offtake units, long-distance towing and offshore installation vessels and a unit for maintenance and safety. The majority of Altera’s fleet is employed on medium-term, stable contracts.

The Partnership’s 7.25% Series A Cumulative Redeemable Preferred Units, 8.50% Series B Cumulative Redeemable Preferred Units and 8.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units trade on the New York Stock Exchange under the symbols “ALIN PR A” “ALIN PR B” and “ALIN PR E,” respectively.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect management’s current views with respect to certain future events and performance, including, among others: the Partnership’s review of potential strategic initiatives, including any related asset sales, joint ventures, capital raises or other transactions; and the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: expectations regarding the ability to consummate the Exchange Offer and Consent Solicitation; the timing of closing of the Exchange Offer and Consent Solicitation; alternatives and conditions to implement any strategic initiatives; delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2020. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

For further information contact:

Jan Rune Steinsland,
Chief Financial Officer

Tel: +47 97 05 25 33
E-mail: [email protected]

Posted on July 29, 2021 2:03 am
Standard Chartered and Northern Trust Announce Zodia Custody Receives FCA Registration

Standard Chartered and Northern Trust Announce Zodia Custody Receives FCA Registration

LONDON–(BUSINESS WIRE)–
SC Ventures, the ventures and innovation arm of Standard Chartered, and Northern Trust, a leading asset servicing provider, announced today that Zodia Custody is now registered with the Financial Conduct Authority (FCA). The registration means that Zodia Custody is now providing commercial services to clients as a cryptoasset business.

Zodia Custody, an institutional grade cryptoasset custody solution based in London, offers services to clients across the globe. Zodia Custody enables institutions to invest safely and securely in cryptoassets. Zodia Custody, developed by SC Ventures and Northern Trust, satisfies institutional investors’ need for a cryptoasset custodian that understands traditional custody and meets investors’ high standards and expectations, whilst maintaining the flexibility required to adapt to the ever-changing cryptoasset market.

Zodia Custody is one of nine cryptoasset businesses granted FCA registration under the UK’s Money Laundering Regulations and has commenced commercial operations following a period of testing.

Zodia’s registration with the FCA means the business is now supervised under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. This regime brought cryptoassets into scope in January 2020 and is mandatory for all firms providing cryptoasset services in the UK.

Zodia Custody is providing custody services for the two most traded cryptoassets, Bitcoin and Ethereum, with plans to expand to more cryptoassets based on client demand.

Maxime De Guillebon, Chief Executive Officer, Zodia Custodysaid: “Zodia Custody marks an exciting development for the institutional custody market. We deliver bank-grade cryptoasset custody to a standard expected of world-leading global custodians, having been developed with long-established best practices and regulatory compliance in mind. By leveraging the best practices of Standard Chartered and Northern Trust, we give institutional clients the comfort that their and their investors’ assets are kept in a manner that is aligned with the more traditional asset markets. This underpins our mission to increase the accessibility of the cryptoasset market for a wider institutional audience.”

Alex Manson of SC Ventures said: “We believe cryptoassets as an asset class is here to stay. We set up Zodia Custody with the clear goal of serving institutional investors who want to invest in cryptoassets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.”

Pete Cherecwich, President, Corporate & Institutional Services, Northern Trust said: “Since the announcement of the launch of Zodia Custody in December 2020, we have seen significant market interest in these new capabilities. The FCA registration, alongside the successful operational testing with pilot clients, marks a significant milestone. We are pleased that Zodia’s robust capabilities now make it possible to support the growing number of institutional asset owners, family offices and asset managers around the world investing in this emerging asset class.”

Zodia Custody further establishes Standard Chartered and Northern Trust as leaders in the development of digital asset infrastructure. Alongside its partnerships with blockchain service providers, Standard Chartered has invested in core technology provider Metaco and is collaborating with the Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border fund transfers. It most recently announced a partnership with BC Group this June to establish a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe.

Northern Trust has a record of focused investment in digital innovation, having launched the industry’s first deployment of blockchain technology for the private equity market in 2017. Working with key clients and regulators, Northern Trust continued to develop and implement additional capabilities on its blockchain and collaborated with Broadridge to make the technology available to all market participants. In 2020, Northern Trust and BondEvalue partnered to complete the first trade of a fractionalized blockchain-based bond, working in cooperation with the Monetary Authority of Singapore.

— ENDS —

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005854/en/

For further information please contact:

Julie Gibson

Group Media Relations

Standard Chartered

+44 (0) 20 7885 2434

[email protected]

Josephine Wong

Group Media Relations

Standard Chartered

+65 6981 1514

[email protected]

Camilla Greene

Media Relations

Northern Trust

+44 (0) 20 7982 2176

[email protected]

Charlotte Parker

Zodia

+44 (0) 7920 416299

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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